Health & Protection in Venezuela

Let us guide you in understanding how to prepare a health and protection package that works well for your assignment to Venezuela.

Getting Insurance

Most expats moving to Venezuela have health coverage provided by their employers as part of the relocation package. You can also get other types of plans from the international and local companies operating in the country. One of the leading insurers in Venezuela is the American International Group (AIG), a global provider of health, home, auto, business and travel insurance. Expats can also get a policy from some of the local banks such as Banco de Venezuela who offers financial managements services and a variety of insurance products.

Choosing the right company is the key factor in living a secured life. There are many insurance providers in Venezuela, and when deciding, you have to make sure that the company you are signing up with is accredited by the Superintendencia de Bancos y Otras Instituciones Financieras (Superintendency of Banks and Other Financial Institutions). You can also contact this agency if you have any complaints or issues against the company that provides your policy.

Take your time in asking questions and understanding the scope of your insurance included in your benefits package.

Importance of Insurance

Some aspects that could affect your choice of insurance is the country’s exposure to natural disasters such as floods, hurricanes, storms and earthquakes. Ask any local or expat who has been in the country for an extended period and they will tell you that Mother Nature often unleashes her mood swings to the country. You can keep you and your family safe by taking necessary precautions, but you can not carry your home to an evacuation area. By having property insurance, an expat can have the peace of mind that the insurance company will shoulder the damages or even replacement of their properties.

Local Insurance in Venezuela

In 2014, Venezuela ranked as the fourth highest earner in the insurance market in all of Latin America. Currently, the sector is facing some setbacks but still resiliently moves towards stability where the international companies serve as the major driving force. All insurance providers in Venezuela are under the Superintendencia de Bancos y Otras Instituciones Financieras (Superintendency of Banks and Other Financial Institutions), local government sector who regulates and supervises all their operations.

Venezuela is among the eight countries in Latin America who made accident and motor liability insurance mandatory for all drivers/vehicle owners. The implementation of this will ensure that any damage caused to you or third party involved (car and properties), as well as injury or death from the collision will have proper coverage. This type of plan is best acquired from a local company since your existing car insurance may not apply in Venezuela.

The country has a public health care scheme called Mission Barrio Adentro whose aim is to provide public medical and dental assistance to all its citizens. Treatments and consultations are free in state-funded hospitals and medicines or prescriptions are heavily subsidised. Expats will find the most modernised facility in the capital, Caracas. However, expats in Venezuela are still strongly advised to get private or better yet international insurance. Getting a policy from multinational companies will give you access to both public and private facilities. It will also give you the peace of mind that you can get medical or emergency service anywhere you are.